Buying Real Estate

                     Nanaimo provides ideal real estate conditions and lifestyle options for those discerning buyers looking for an opportunity to buy affordable, but luxurious real estate. The city is home to about 131,000 people and is located right in the heart of Vancouver Island. It is easily accessible from Vancouver itself by ferry or plane. The city, once an important port, has become a popular tourism destination for its unique combination of modern living and natural resources.

                  As your representative, we can make the process of house hunting much easier and more efficient than if you did it all yourself. We can help you get financing, guide you to local neighbourhood’s, help you determine your budget, and prioritize a wish list of essential features that you need in your next home. We’ll save you valuable time by finding the properties that best suit your requirements, and will show you only the most promising ones.

                 Once you’ve found a place that catches your eye, we’ll look at comparable properties in the area to help determine a purchase offer. Then we’ll negotiate on your behalf with the seller to make sure you get the most favourable terms.

It’s our job to look after your best interests, and we will do so at no cost to you as a buyer.

Real Estate Market in Nanaimo, BC

                   When considering what type of property to buy in Nanaimo, buyers have numerous options. Along the outskirts of town are larger properties many that are still farmland. This is also where many new developments are springing up all over Nanaimo. For more traditional housing, select properties in the historic district and downtown areas. Homes are smaller but offer more traditional features. Many homes were built in the 1970’s through the 1990’s. As a result, modern, stylish homes are also available in various neighbourhoods within the city.

              Home values are growing year-after-year in Nanaimo but still remain affordable. Honestly it doesn’t matter if you’re looking for single-family homes with 2 and 3 bedrooms (some of the most popular), to large, luxurious estates on spacious parcels of land, numerous options exist for you in our beautiful harbour city!

5 Common Mistakes When Buying Real Estate

1. Not getting pre-qualified for a mortgage

       Before looking for your next home take the time to get pre-qualified by the bank or mortgage broker you choose. This can save you hours of searching for homes in the wrong price range or worse, purchasing a home and then finding out you don’t qualify for financing. Pre-qualifying gives you peace of mind, helps narrow your search criteria and most importantly, gives your RE/MAX agent a negotiating edge by being able to alleviate the sellers concern over financing. The latter is especially important should a competing offer surface.

2. Not shopping for mortgage terms

           Rates are negotiable! Banks will sharpen their pencils to get your business especially if you have a good credit rating and bring other business to them e.g. RRSP’s, general account, savings etc. Posted rates should viewed as a starting point. You need to know what the best rate is and this is usually done by get competitive quotes. Also, ask whether the bank will cover appraisal fees, and about buy-out fees, penalties, payment options, portability etc. The time spent can save you thousands of dollars over the life of the mortgage.

3. Not getting professional inspections

     Nobody wants to purchase a home only to find out later there are defects, latent or otherwise. Ensure you obtain inspections where needed e.g. home inspection, structural engineer, insect, radon etc. If the inspection identifies deficiencies you may be able to negotiate the purchase price to cover required repairs or make your satisfaction of the inspection subject to the homeowner remedying the problem. Your RE/MAX agent can advise you on inspections you should consider.

4. Not using a professional real estate agent

         Your RE/MAX agent can help you make a purchase with the least amount of problems. He or she can ensure the price you pay is market value. They can offer expert advice on what to look for, conditions to include, negotiation strategy etc. After all, they work for you.

5. Buying first before selling

             If price is important you should always sell your present home before buying another. It has the advantage in letting you know exactly how much money you will have available for your next purchase. Selling your home first allows you to place fewer conditions on your purchase which makes your offer more attractive to a seller. They often will demand more money to take a “subject to” offer which takes their home off the market. The other advantage is if you find a terrific house, chances are others will also find it attractive and you stand to lose it if you can’t make an unconditional offer.